Govt launches first ever registered premium prize bond

ISLAMABAD: The government has launched first ever registered Premium Prize Bond worth Rs. 40000 on Friday.

Finance Minister Ishaq Dar speaking in the inauguration ceremony said Pakistan is treading on the path of progress rapidly.

Highlighting the features of the bond, the minister said 80 million rupees is the first prize for this premium bond, which is maximum in comparison to other bonds.

He said the bond will be registered in the name of the buyer, and will bear profit after six month period. He said that the black money could not be made white due to registration of the bond.

He also announced issuance of another bond of 100,000 rupees soon after the success of this bond.

Ishaq Dar said bonds will be available for individuals as well as public and private companies however banks cannot buy it.

He also clarified that the bond prize will be directly transferred in the account of the winner instead of publishing his name in a newspaper.

Dar said the country`s economic progress is being acclaimed internationally and all economic indicators showing an upward trend. He said the international economists seeing Pakistan among the top 20 economies of the world by 2030.

The finance minister said that Pakistan will soon sign a bilateral treaty with Switzerland for Bank Information Sharing to detect tax evaders.